Charles Hoskinson recently touched on the subject of cryptos beginning to be independent of Bitcoin. He also pointed out that the crypto market, as a whole, used to trend with Bitcoin, yet this season was significantly different.
Hoskinson also mentioned seeing a “significant counter-cyclic movement” for the first time as the dominance of Bitcoin fell by 43%. He also pointed out that not all institutions have gone after bitcoin and people began to differentiate between proof-of-stake and proof-of-work.
The founder of Cardano has mentioned the potential that other blockchains have, including his own, but also ETH2, Algorand, and Omega, saying “we’re all neck and neck for building these amazing engines.” He predicts that the systems will eventually process billions of transactions per year, reaching values of trillions of dollars.
He believes this to be inevitable and a response to the inadequacies of the legacy financial system, which he called a “fragmented” and “siloed world.” The diversity and distribution of crypto markets, as they are now, is a result of that frustration.
Hoskinson has also made the prediction that the next two billion people who will enter the global financial system will do it via crypto. He pointed out that this was the reason why he had a passion for Africa, as in such environments, the use of crypto can be observed better than anywhere in the world.